Thu, Sep 12, 7:16 PM (100 days ago)
Laser Photonics Corporation's amended 10-Q for Q2 2024 reveals significant financial challenges, with net sales dropping to $1.37 million from $1.64 million year-over-year. The company reported a net loss of $3.68 million, worsening from a $1.94 million loss in the same period last year. Major operating expenses surged to $4.38 million, primarily driven by increased sales and marketing costs, alongside general and administrative expenses. The amendment addresses a change in accounting policy regarding sales and marketing costs previously classified as equity distributions to an affiliate, now treated as general and administrative expenses. Cash flow from operations reflected a net outflow of $3.25 million, leading to a reduction in cash reserves from $6.20 million at year-end 2023 to $2.75 million. The company has positive working capital of $5.05 million but faces uncertainties related to supply chain constraints and capital expenditure cycles in the manufacturing sector. Future operations hinge on the ability to generate cash flow and secure additional financing, as the company navigates a challenging market landscape.